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EU Savings Directive

 
Gary Ashford Senior Tax Investigations Manager at Grant Thornton writes on the EU Savings Directive
 
If you have clients who have bank accounts somewhere in the EU they may well have received correspondence from their financial institutions on the subject of the EU Savings Directive (EUSD) or to give it its official name Directive 2003/48/EC on taxation of savings income in the form of interest payments.
Background
 
The EUSD took effect on 1 July 2005 by way of Council Decision 2004/587/EC. However it is not something that arose suddenly it has been a long time in the making. Whilst the Directive was signed on 3 June 2003 a proposal for the Directive...

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